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Keyword: loans

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  • The great American ‘homewashing’ is happening under our noses

    11/26/2022 9:35:56 AM PST · by EBH · 4 replies
    The Hill ^ | 11/25/22 | Cornelius Hurley,
    The most prominent purveyor of homewashing is the massive government-sponsored enterprise known as the Federal Home Loan Banks. There are 11 regional FHLBs from Boston to San Francisco and points in between. They and their 6,500 member institutions follow a simple business model. The FHLBs borrow at a deep discount due to their government status. They then pass part of the government subsidized discount on to their members in the form of low-cost advances. As of Sept. 30, the FHLBs had over $1 trillion in taxpayer-subsidized debt outstanding. Subsidized advances to members stood at $655 billion, an 86 percent increase...
  • Biden to extend student loan pause as court battle drags on

    11/22/2022 12:57:50 PM PST · by Oldeconomybuyer · 21 replies
    The Associated Press ^ | November 22, 2022 | By COLLIN BINKLEY and CHRIS MEGERIAN
    WASHINGTON (AP) — President Joe Biden announced Tuesday that his administration will extend the pause on federal student loan payments while the White House fights a legal battle to save his plan to cancel portions of the debt. “It isn’t fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the courts consider the lawsuit,” Biden said in a video posted on Twitter. The moratorium was slated to expire Jan. 1, a date that Biden set before his debt cancellation plan stalled in the face of legal challenges from conservative opponents. Now...
  • Federal Court Blocks Biden’s Student Loan Forgiveness Nationwide

    11/14/2022 1:42:58 PM PST · by thegagline · 30 replies
    The Daily Caller ^ | 11/14/2022 | Trevor Schakoi
    The U.S. Eighth Circuit Court of Appeals ordered a nationwide injunction pending appeal against President Joe Biden’s student loan debt forgiveness program Monday, adding to previous legal action blocking the plan. The program seeks to forgive $10,000 in federal student loan debt for individuals with incomes under $125,000 and up to $20,000 for Pell Grant recipients, with the Biden administration claiming it had the authority to institute the program under the HEROES Act of 2003 and an emergency situation sparked by the COVID-19 pandemic. Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina had filed a lawsuit against the Biden administration...
  • Demise of Biden’s student loan handout rocks Twitter: ‘Its only purpose was to buy votes’

    11/11/2022 1:31:39 PM PST · by Oldeconomybuyer · 97 replies
    FOX News ^ | November 12, 2022 | By Gabriel Hays
    'Biden got what he wanted and they got played for fools,' tweeted one user Twitter users reacted to the news that a federal judge in Texas blocked President Biden’s student loan handout. On Thursday, U.S. District Judge Mark Pittman ruled that Biden’s executive action was unconstitutional because Congress didn’t approve the sweeping plan. In fact, the judge claimed it was one of the largest executive branch overreaches in the "history of the United States." Liberals on the platform expressed outrage over the ruling, while conservatives ridiculed Biden’s entire handout strategy as being a cynical ploy to garner Democratic votes for...
  • Florida man pretends to be Irish while committing fraud

    11/11/2022 9:53:35 AM PST · by Tolerance Sucks Rocks · 23 replies
    NBC 2 News ^ | November 10, 2022 | NBC 2 News
    PANAMA CITY, Fla. – A Florida man has been arrested after committing multiple fraudulent transactions while pretending to be an Irish national. The Florida Department of Law Enforcement became aware of a man using the pseudonym “Declan Quinn” to commit fraud in February. Following an investigation, agents found that “Quinn” had won the position of HOA Board of Directors presidents at his Washington County neighborhood. He also used his standing in his community to obtain a $17,000 loan fraudulently. The fake name was even used to sign a notarized promissory note stating he would repay the loan, which he failed...
  • Vanity: Fifth Circuit Kills Biden’s Student Loan Forgiveness

    11/10/2022 4:56:56 PM PST · by TigerClaws · 45 replies
    Vanity - breaking
    BREAKING: Fifth Circuit vacates Biden student loan forgiveness program. Calls it an "unconstitutional exercise of Congress’s legislative power ..." Image UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS FORT WORTH DIVISION MYRA BROWN, ET AL., Plaintiffs, V. U.S. DEPARTMENT OF EDUCATION, ET AL., Defendants. No. 4:22-ev-0908-P ORDER The Constitution vests "all legislative powers" in Congress. This power, however, can be delegated to the executive branch. But if the executive branch seeks to use that delegated power to create a law of vast economic and political significance, it must have clear congressional authorization. If not, the executive branch unconstitutionally...
  • Auto loan delinquencies rise as loan-accommodation programs end

    11/08/2022 6:13:34 AM PST · by ConservativeInPA · 14 replies
    CNBC ^ | November 8, 2022 | Phil Lebeau
    A growing percentage of Americans with auto loans are struggling to make their monthly payments. Subprime borrowers in particular are feeling the impact of higher prices for both new and used vehicles. The rise in delinquencies also follows the end of loan-accommodation programs set up during the pandemic. With inflation cutting into the budgets of Americans, a growing percentage of people with auto loans are struggling to make their monthly payments. TransUnion, which tracks more than 81 million auto loans in the U.S., said Tuesday the percentage of loans that are at least 60 days delinquent hit 1.65% in the...
  • USDA announces $1 billion debt relief for 36,000 farmers

    10/18/2022 2:11:04 PM PDT · by Oldeconomybuyer · 38 replies
    The Associated Press ^ | October 18, 2022 | By DAVID PITT
    DES MOINES, Iowa (AP) — The federal government announced Tuesday a program that will provide $1.3 billion in debt relief for about 36,000 farmers who have fallen behind on loan payments or face foreclosure. The U.S. Department of Agriculture announced the farm loan relief program funded from $3.1 billion set aside in the Inflation Reduction Act allocated toward assisting distressed borrowers of direct or guaranteed loans administered by USDA. The law was passed by Congress and signed by President Joe Biden in August. The USDA provides loans to about 115,000 farmers and livestock producers who cannot obtain commercial credit. Those...
  • Biden Administration Just Cut Millions of Borrowers Out of Student Loan Forgiveness Plan With No Warning

    09/30/2022 12:59:46 AM PDT · by Libloather · 24 replies
    The Mary Sue ^ | 9/29/22 | Vivian Kane
    It’s been barely a month since President Joe Biden announced he would be forgiving $10,000 of student loan debt for millions of borrowers and his administration is already walking back certain elements of that plan. The U.S. Department of Education just quietly changed some of its own guidelines for who does and does not qualify for loan forgiveness. Specifically, it reversed its inclusion of older types of loans: Perkins loans and Federal Family Education Loans (FFEL). The plan as announced only applied to federal loans, not private ones. But it would allow Perkins and FFEL loans - which are privately...
  • Arizona sues Biden administration over student loan forgiveness

    09/29/2022 9:43:12 PM PDT · by conservative98 · 7 replies
    12 News ^ | September 29, 2022
    PHOENIX — Arizona Attorney General Mark Brnovich filed a lawsuit Thursday against the Biden administration to stop its "illegal" student loan cancellation program. The lawsuit challenges the president’s authority, through the Department of Education, to cancel more than $500 billion in student loan debt without congressional approval. “This mass debt forgiveness program is fundamentally unfair, unconstitutional, and unwise,” said Arizona Attorney General Mark Brnovich. “The question Americans need to be asking is why college costs so much in the first place?” Under the student debt cancellation program, the administration plans to cancel $10,000 to $20,000 of student loan debt for...
  • Lawsuit filed to stop Biden administration’s unlawful student loan cancellation

    09/28/2022 7:52:45 AM PDT · by george76 · 27 replies
    Pacific Legal Foundation ^ | September 27, 2022
    Pacific Legal Foundation filed suit against the U.S. Department of Education to block its illegal move to cancel more than $500 billion in student loan debt. “Congress did not authorize the executive branch to unilaterally cancel student debt,” said Caleb Kruckenberg, an attorney at Pacific Legal Foundation. “It’s flagrantly illegal for the executive branch to create a $500 billion program by press release, and without statutory authority or even the basic notice and comment procedure for new regulations.” In August 2022, President Biden announced his plan to cancel up to $20,000 in student loan debt per person for more than...
  • As ‘buy now, pay later’ plans grow, so do delinquencies

    09/15/2022 6:59:04 AM PDT · by Oldeconomybuyer · 36 replies
    The Associated Press ^ | September 15, 2022 | By KEN SWEET
    NEW YORK (AP) — Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers. Buy now, pay later loans allow users to pay for items such new sneakers, electronics, or luxury goods in installments. Companies such as Affirm, Afterpay, Klarna and PayPal have built popular financial products around these short-term loans, particularly for younger borrowers, who are fearful of never-ending credit card debt. Now, as the industry racks up customers, delinquencies are climbing. Inflation is squeezing consumers, making it tougher to pay off debts. Some borrowers don’t budget...
  • CSUF’s study abroad program opens a world of possibilities, Experience can be financed, individualized

    09/14/2022 9:23:47 AM PDT · by Oldeconomybuyer · 6 replies
    The Orange County Register ^ | September 14, 2022 | By JENELYN RUSSO
    Cal State Fullerton junior Kristen Wilcox has some simple advice for fellow Titans who are considering a study abroad program as part of their college education path. “If the idea or thought of it scares you a little, it means you’re supposed to go,” Wilcox said. Wilcox recently returned from Ghana, where she spent the last academic year immersing herself in West African culture, all while earning credits toward her bachelor’s degree in journalism. Wilcox admitted there are many assumed barriers when it comes to the costs associated with studying abroad. But once she learned more about the opportunities available...
  • The Destruction of American Higher Education

    09/10/2022 3:53:22 AM PDT · by Chad C. Mulligan · 36 replies
    Market Ticker ^ | 2022-09-08 | Karl Denninger
    .....Now the destruction of higher education is basically complete. Colleges no longer admit people simply on whether you can do the work; they now do so by changing standards if you can't, which in many cases means your "degree" denotes nothing more than paying the money. The "unlimited" money spigot has turned college dorms into luxury accommodations I refuse to buy for a weekend when on vacation as I just don't see the value. The prior concept of cinder-block walls, a built into-the-wall desk accommodating two people and a pair of twin beds that can at the occupant's option be...
  • Biden's Income-Driven Repayment Plan Will Make College Much More Expensive

    09/07/2022 3:13:20 PM PDT · by Pol-92064 · 14 replies
    Reason.com ^ | 09/07/2022 | Robby Soave
    Last week, President Joe Biden announced that the federal government would forgive between $10,000 and $20,000 of student loan debt for qualifying borrowers who make less than $125,000 per year. But that wasn't all: Biden also said that he would create a new income-driven repayment (IDR) system for college borrowers.
  • No car loans from Bank Australia, unless it’s an EV — and the US may do the same

    09/07/2022 9:26:46 AM PDT · by ChicagoConservative27 · 45 replies
    The Hill ^ | 09/07/2022 | SARAH REHBERG
    Bank Australia recently announced that it will stop granting loans for new fossil fuel cars from 2025 forward to force more people to purchase electric vehicles. Justifying the bank’s move, its chief impact officer proclaimed, “We think that the responsible thing for us to do … is to ensure that our vehicle lending doesn’t lock our customers in to higher carbon emissions and increasingly expensive running costs in the years ahead.” But is making it more difficult for hard-working men and women to obtain affordable vehicles that run on reliable energy really the “responsible thing” to do? That’s exactly the...
  • China Cancels 23 Loans to Africa Amid 'Debt Trap' Debate

    09/04/2022 4:25:32 PM PDT · by nickcarraway · 3 replies
    Voice of America ^ | August 25, 2022 | Kate Bartlett
    A recent announcement by China that it is forgiving 23 loans for 17 African countries may be motivated by accusations of "debt-trap diplomacy," say some analysts. Critics have long accused Beijing of practicing debt-trap diplomacy, suggesting it deliberately lends to countries that it knows cannot repay the money, thereby increasing its political leverage. China vehemently rejects this, alleging it's a way for the U.S. to discredit Beijing, Washington's main challenger in the quest for influence in Africa. China's decision to forgive the zero-interest loans is, in part, aimed at countering the debt-trap narrative, said Harry Verhoeven, senior research scholar at...
  • Think Biden’s student loan write-offs are unfair? Just take a look at the fine print

    09/04/2022 5:09:48 AM PDT · by Oldeconomybuyer · 43 replies
    NY Post ^ | September 3, 2022 | By Post Editorial Board
    President Joe Biden’s plan to instantly write off up to $20,000 in individual loans is bad enough, costing the taxpayers north of $300 billion — but the rest of his idea is even worse: He wants to the public to eat most all future student debt, too. Yes, “Part 1” is horrifically unfair: Folks who chose not to take out such loans, or got them paid off, or never went to college at all, will be picking up the tab for college-educated borrowers with excellent incomes. Yet the rest of the scheme would make this injustice permanent. Biden would roll...
  • Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide

    09/01/2022 8:31:56 AM PDT · by mikelets456 · 130 replies
    NBC ^ | 9/1/2022 | NBC
    Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities. The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said. Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said. “Homeownership strengthens our communities and can...
  • Student loan relief limited for many by US drug war’s legacy

    08/30/2022 6:07:22 AM PDT · by Oldeconomybuyer · 12 replies
    The Associated Press ^ | August 30, 2022 | By AARON MORRISON (D-AP)
    President Joe Biden says he hopes his proposal to forgive federal student loans will narrow the nation’s racial wealth gap. But a generation of Black and Hispanic Americans was disproportionately shut out of one of the keys to Biden’s plan: the Pell Grant program. As part of the “war on drugs” — a consequential, anti-crime legislative agenda that Biden championed as a U.S. senator — an estimated hundreds of thousands of convicted drug offenders had their access to federal financial aid delayed or denied, including Pell Grants and student loans. If they wanted to go to college after their prison...